Massachusetts Pays $2 Million to Stop Unlicensed Loan Service

A company called Bridge IT Inc. , better known as Brigit, has been helping people manage loans in Massachusetts since 2021. It did this without first registering with the state, which is a legal requirement. The state’s banking regulator announced that Brigit will pay $1. 9 million to settle the issue. The company says it is not admitting any mistakes, but it has agreed to stop acting as a loan manager until it gets official permission.When regulators reached out for comments, Brigit was slow to respond. The company has also promised it will pause its services until the state clears it. In recent years, firms that handle mortgages or other debts for banks have faced tighter scrutiny from regulators. Brigit’s case is part of a broader effort to ensure that all loan‑servicing companies follow state rules. The settlement is the latest reminder that businesses must meet local licensing laws before offering financial services to residents.